Foot Locker Q3 net income $130 millionStaff Writer |
Foot Locker This result included a $2 million million pre-tax charge
Foot Locker reported financial results for its third quarter ended November 3, 2018.
This result included a $2 million million pre-tax charge related to the company's previously-disclosed pension litigation judgment, offset by $23 million of tax benefits related to last year's tax reform bill for 1) a decrease to the tax on the deemed repatriation of foreign earnings, and 2) a decrease to tax expense for IRS accounting method changes and timing difference true-ups.
Excluding these items, which increased after-tax earnings by 19 cents per share, non-GAAP earnings were $0.95 per share, a 9 percent increase over the non-GAAP earnings of $0.87 per share in the comparable 13-week period in 2017.
Third quarter comparable store sales increased 2.9 percent. Total third quarter sales decreased 0.5 percent, to $1,860 million this year, compared to sales of $1,870 million for the corresponding prior-year period.
Excluding the effect of foreign exchange rate fluctuations, total sales for the third quarter increased 0.4 percent. Additionally, the 53rd week shift impact reduced sales by approximately $60 million during the third quarter.
The company's gross margin rate increased to 31.6 percent from 31.0 percent a year ago, while the SG&A expense rate increased to 21.4 percent from 19.7 percent in the third quarter of 2017. ■
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